 "ABB India")
ABB (global) reported a four per cent decline in new orders received for the quarter ended March 2024 and guided for a five per cent growth in revenue for the full year (CY2024).
India-listed entity ABB India’s shares in Thursday’s trade fell more than four per cent, reacting to the parent company’s performance. ABB India closed at Rs 6,367.20 per share on Thursday, down 4.21 per cent. ABB India is yet to declare its financial results for the quarter ended March 2024.
In his management commentary, Björn Rosengren, chief executive officer for ABB, said, “As expected, orders declined from last year’s record-high comparable; however, the drop was limited at five per cent (four per cent comparable).” ABB reported new orders worth $8,974 million for the quarter, of which Asia, the Middle East, and Africa were at $2,772 million, flat from a year ago.
The company in its financial statement added that the Asia, Middle East, and Africa region's orders declined by four per cent (zero per cent comparable) where the strong comparable development in countries like India, Japan, and Australia offset a sharp decline in China.
Rosengren added, in the second quarter of 2024, the company anticipates a mid-single-digit comparable revenue growth year-on-year and the operational EBITA margin to be slightly higher than in the first quarter of 2024. EBIT is earnings before interest and taxation.
For the full year ending December 2024, he said, the company expects a positive book-to-bill, comparable revenue growth to be about five per cent and the operational EBITA margin to be about 18 per cent. EBITA is earnings before interest, taxation, and amortisation.
